secwatch.observer — SEC 8-K summary
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Issuer:     Garrett Motion Inc. (GTX)
CIK:        0001735707
Form:       8-K
Filed at:   2023-06-13T23:59:59+00:00
Accession:  0000950142-23-001677
Event type: other_material
Sentiment:  positive
Materiality: 0.70
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Garrett Motion converts Series A Preferred Stock to common, simplifies capital structure
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- Series A Preferred Stock converted to Common Stock effective June 12, 2023 after market close.
- Each preferred share converts to one common share; total common shares outstanding ~266 million.
- Elimination of 11% preferred dividend partially offset by $700M new debt from prior transactions.
- Accrued dividends paid: $0.144375 cash plus 0.104379 common shares per preferred share.
- Share repurchase authorization increased to $250 million.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1735707/000095014223001677/0000950142-23-001677-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1735707/000095014223001677/eh230369059_8k.htm
  HTML page:      https://secwatch.observer/filing/0000950142-23-001677

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer